CBEC Commissioners' transfer order stuck for 10 days as Chairman goes on official trip to South Africa;

Rangarajan holds on to 8.5% growth rate and says inflation to dip in 90 days;

Soaring global food prices: President Bush joins Condoleezza Rice in attributing it to growing needs of prosperous Indian middle class;

Justice K G Balakrishnan for Lok Adalat at all levels of courts for settlement of disputes;

13th Finance Commission meets team of previous Commission on sharing of tax receipts;

2008-TIOL-04-ARA-IT.pdf + ara story.pdf

Kern-Liebers International GmbH (Dated : April 30, 2008)

Income Tax - Assessee is a non-resident company - sale of plant & machinery to Indian company - Shares allotted as a consideration - Later bonus shares allotted but before 1st April, 1981 and it also subscribed to right issues - taxability of bonus shares - cost of acquisiton for computing capital gains tax - AO takes it as 'Nil' - Indian buyer of shares deducts TDS and issues withholding tax certificate to the applicant - Non-resident company seeks advance ruling - It is clear from clause (b) of Section 55(2) that in the case of a capital asset falling within the ambit of that clause, acquired before 1st April, 1981, the cost of acquisition can be taken as fair market value of the that asset as on 1st April, 1981, and this provision prevails over sub-clause (iiia) of clause (aa) and for refund, the applicant can follow the normal procedure by filing a return and claiming refund u/s 139 in the prescribed form - Applicant's appeal allowed: AUTHORITY FOR ADVANCE RULING;

2008-TIOL-257-HC-MP-IT.pdf

Babulal Jain Vs ITO (Dated : January 28, 2008 )

Income Tax - High Court remands the case to Tribunal - Matter decided ex parte despite plea for adjournment - Tribunal not justified in deciding the matter in a hurry and directed to re-hear the case on merit - Assessee's appeal allowed : MADHYA PRADESH HIGH COURT ;

CENTRAL EXCISE SECTION

2008-TIOL-258-HC-AHM-CX.pdf + condonation hc story.pdf

D R Industries Ltd Vs UoI (Dated : March 13, 2008 )

Central Excise - condonation of delay - challenge against the constitutional validity of proviso to Section 35(1) of the Central Excise Act - the petitioners' contention that when the Tribunal has the power to condone delay for unlimited period, the Commissioner (Appeals) is empowered to condone the delay only for 30 days under Section 35 (a) which is discriminatory is not acceptable - when the Parliament confers the right of appeal under Section 35(1) of the Central Excise Act, the Parliament also has the power to restrict the right by providing for a specific period of limitation and has the power to provide for the maximum period of condonable delay. : GUJARAT HIGH COURT;

2008-TIOL-676-CESTAT-MAD.pdf

M/s Rajalakshmi Textile Processors Pvt Ltd Vs CCE, Salem (Dated : January 10, 2008)

Central Excise - Cenvat Credit - interest for delayed reversal - delay in reversal of cenvat credit on inputs lying in stock consequent to exercising the option under Notification 30/2004 CE - Interest under Rule 14 of the cenvat credit rules is not applicable to recover the interest in cases where credit was not taken or utilized wrongly - demand of interest set aside: CHENNAI CESTAT;

2008-TIOL-675-CESTAT-MAD.pdf

M/s Asheerwatj Enterprises Vs CCE, Chennai IV (Dated : February 13, 2008)

Central Excise - stay / dispensation of pre-deposit - duty paid before issuance of notice - penalty equal to the duty imposed - appellants directed to pre-deposit 25% of the penalty imposed: CHENNAI CESTAT;

2008-TIOL-673-CESTAT-MAD.pdf

M/s Pleasant Foods (P) Ltd Vs CCE, Chennai (Dated : February 22, 2008)

Central Excise - refund consequent to finalization of provisional assessments - bar of unjust-enrichment is not applicable during the period of dispute. : CHENNAI CESTAT;

2008-TIOL-672-CESTAT-MAD.pdf

M/s Axles India Ltd Vs CCE, Chennai-IV (Dated : February 01, 2008)

Central Excise - stay / dispensation of pre-deposit - interest on differential duty paid on the goods cleared to the sister units on the basis of CAS 4 accounting norms - stay granted in similar case earlier - pre-deposit waived. : CHENNAI CESTAT;

SERVICE TAX SECTION

2008-TIOL-677-CESTAT-BANG.pdf

CCE, Mangalore Vs M/s Kanara Export Agencies (Dated : January 31, 2008)

Service Tax - Port Services vis-à-vis Cargo Handling Services - Export Cargo - Respondent not undertaking any activity on behalf of the Port. Cannot be categorized under the category of port Services. The respondent is only handling the export cargo; he would not be liable to Service Tax even under the category of “Cargo Handling Services': BANGALORE CESTAT;

CUSTOMS SECTION

2008-TIOL-674-CESTAT-MAD.pdf

CC, Chennai Vs M/s BHEL (Dated : February 22, 2008)

Customs - import - valuation - duty paid on excess freight charges is liable to be refunded - revenue appeal has no merit. : CHENNAI CESTAT;

CICitreturns.pdf + cic story.pdf

Details of political parties income tax returns can be disclosed under RTI Act but not PAN: CIC;

icecube.pdf

It's time to reinvent public sector reforms ;

loss story.pdf

The story of losses and set-off claims in Income Tax Act!

mubuzz577.pdf

WB marks World Press Freedom Day with Study on broadcasting and development;

mubuzz578.pdf

Flood management continues to be focus area in 11th Plan;